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or ten-year deficit projections, something like 70 billion off 1.14 trillion deficit. it won't make a big dent. why is he so dedicated to it? that being said, carol, despite the fact that it sends me a little off kilter, yes, republicans lost the election. they don't have a ton of leverage. they want to try to achieve a deal that they think is going to maximize potential good for the country, meaning spending reform, budget deficit reduction, but the truth is that they don't have a ton of leverage in forcing president obama to take a look at medicare and social security to bring this conversation full circle that really mean serious budget and deficit reform. >> well, i'm sure that the majority of americans are hoping the two sides will come to some sort of deal. wouldn't that be nice? that would be a nice christmas present. will cain, thank you. >> yeah, you bet. >> thanks so much. >>> one of the top u.s. banks out with a pretty rosie prediction for next year. could it be enough to save your 401(k) from that fiscal cliff? ...so as you can see, geico's customer satisfa
or ten-year deficit projections, something like 70 billion off 1.14 trillion deficit. it won't make a big dent. why is he so dedicated to it? that being said, carol, despite the fact that it sends me a little off kilter, yes, republicans lost the election. they don't have a ton of leverage. they want to try to achieve a deal that they think is going to maximize potential good for the country, meaning spending reform, budget deficit reduction, but the truth is that they don't have a ton of...
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we have a $16 trillion deficit and the president wants to spend more money. are you kidding me? >> all right, jess. what do the serious negotiations take place here? that he puts an offer on the table to secretary geithner. the republicans are now angry. where is the next step here? >> well, you know, it's up to the republicans to come back with something, and now we're waiting to see what their next move will be. you know, the republicans' position is this was an unreasonable offer and it does not balance out with enough spending cuts. they want to refocus on spending cuts instead of tax increases. we should expect to see something from republicans that will be more heavily focused on the cuts. you know, the white house is very clear. they are not going to give on that increase on tax rates. that's where the fight will take place over the mechanics few weeks. >> we'll see if there's any republican reaction to the president's plan there because, obviously, he is using all the tools that he has to push forward his plan. we'll see how they come up with the alternative. thanks, jes
we have a $16 trillion deficit and the president wants to spend more money. are you kidding me? >> all right, jess. what do the serious negotiations take place here? that he puts an offer on the table to secretary geithner. the republicans are now angry. where is the next step here? >> well, you know, it's up to the republicans to come back with something, and now we're waiting to see what their next move will be. you know, the republicans' position is this was an unreasonable offer...
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they want to agree if they can bring down the deficit in terms of bringing more taxes in terms of revenue or cutting spending. and the third leg of that is something we don't know. how can we make the economy grow, if the economy grows faster, then we don't need to cut as much and we don't need as much revenue. the growth of the economy is in a way the fuzziest of all these things, because you don't know how fast, you can have estimates, you do have, the birth in the hand is you know you can bring in more revenue if you raise taxes on the wealthiest americans. you know you can save money if you cut entitlements. the question is how far do we want to go down the road of solving the problem. some people may say, we don't have to get all the way, as long as we make progress and we show to americans that you guys are in good hands with us, because at least we're going in the right direction, right now we can't even say that. >> right, so really that's what the wild card is, and what's so interesting, is you know, all of these things have a price tag. you raise taxes on the top 2%. you get x b
they want to agree if they can bring down the deficit in terms of bringing more taxes in terms of revenue or cutting spending. and the third leg of that is something we don't know. how can we make the economy grow, if the economy grows faster, then we don't need to cut as much and we don't need as much revenue. the growth of the economy is in a way the fuzziest of all these things, because you don't know how fast, you can have estimates, you do have, the birth in the hand is you know you can...
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>> we have had 17 debt and deficit commissions since 1982 and listened to the experts every time. the national debt went from $1 trillion to $16 trillion. congress does not cut spending. they have been saying for a long time we need a balanced approach. the experts say we need a balanced approach. the so-called fiscal cliff is the most valid approach out of congress and now they don't want to do it. >> what happens if we do go over this cliff, aaron? our credit rating, what it means for those incentives and for the cuts that kick in automatically, what does this mean for us because it is not good by any means. >> see, it is a cliff -- >> you think it's a false deadline. >> i absolutely do. i think that suddenly markets will not crash, the bottom will not fall out. the world will not end. what will happen is that it will force members of congress to kick the can down the road to actually deal with those things. >> eric, thank you. many believe hitting the fiscal cliff will throw the country back into a recession. either way, we'll have eric erickson back after this plays out to see
>> we have had 17 debt and deficit commissions since 1982 and listened to the experts every time. the national debt went from $1 trillion to $16 trillion. congress does not cut spending. they have been saying for a long time we need a balanced approach. the experts say we need a balanced approach. the so-called fiscal cliff is the most valid approach out of congress and now they don't want to do it. >> what happens if we do go over this cliff, aaron? our credit rating, what it means...
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and the chancellor of the -- the finance minister has now warned that he won't meet his deficit targets for austerity will have to continue. we expect higher taxes on the rich tomorrow, cuts in public spending, and in this environment the multinationals like google, amazon, starbucks, are very firmly in the firing line. after all what better than to attack big corporate america. and they're being told, smell the coffee. i can play that game, too, michael. >> wake up and smell the coffee. always good to see you, mr. quest. always making it simple for us. richard quest in london. probably didn't pay for that coffee. >>> over the weekend, the palestinians celebrated their new status recognized by the united nations. the joy short-lived. how israel's decision to pursue even more settlements in the west bank and east jerusalem may kill any hopes of peace. we'll dive deep lie into this issue. >>> rp says it's not changing plans for the controversial housing development in east of jerusalem also developments in east jerusalem. this is despite getting a diplomatic mackdown recently from austral
and the chancellor of the -- the finance minister has now warned that he won't meet his deficit targets for austerity will have to continue. we expect higher taxes on the rich tomorrow, cuts in public spending, and in this environment the multinationals like google, amazon, starbucks, are very firmly in the firing line. after all what better than to attack big corporate america. and they're being told, smell the coffee. i can play that game, too, michael. >> wake up and smell the coffee....
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the only thing bigger than the budget deficit is the trust deficit in washington. christine romans, cnn, new york. >>> developing now, nato allies say they have grave concerns that syria's government could be preparing to do precisely what so many have been fearing, unleash the chemical weaponry on its own people. president obama issuing a stern warning after intelligence reports suggest that president bashar al assad's regime is mixing these chemicals to make the deadly, deadly gas called sarin. >> today i want to make it absolutely clear to assad and those under his command, the world is watching. the use of chemical weapons is and would be totally unacceptable. and if you make the tragic mistake of using these weapons, there will be consequences and you will be held accountable. >> former british prime minister tony blair echoing the concerns earlier today on cnn. >> there are a lot of people dying. now the death toll probably would be around 40,000 since this began, since a large number of people. but if there was any sense at all that assad was going to use ch
the only thing bigger than the budget deficit is the trust deficit in washington. christine romans, cnn, new york. >>> developing now, nato allies say they have grave concerns that syria's government could be preparing to do precisely what so many have been fearing, unleash the chemical weaponry on its own people. president obama issuing a stern warning after intelligence reports suggest that president bashar al assad's regime is mixing these chemicals to make the deadly, deadly gas...
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what do we do next to deal with the deficit? the president and tim geithner basically this weekend said we've got plans to cut entitlements by 400 bill or ion 500 billion dollars. that's over ten years. we have a much bigger hole than i think anyone in washington is willing to agree is such a problem. >> lrepublicans are angry the president laid out this plan that they say he knew would just inflame them. >> that's true. >> why toedon't republicans act like big boys and girls and present their own plan about how they specifically want to cut entitlements? isn't that how you negotiate? >> yes, but, of course, they've done that. that's the most curious thing to me. tim geithner said the republicans should come forward with a plan. you know this. over the last two or three years in the house of representatives controlled by republicans, they have passed what's called the ryan budget for three years in a row. it has very substantial entitlement cuts. you've reported on this on cnn. in fact, all the left wing groups had all these ads
what do we do next to deal with the deficit? the president and tim geithner basically this weekend said we've got plans to cut entitlements by 400 bill or ion 500 billion dollars. that's over ten years. we have a much bigger hole than i think anyone in washington is willing to agree is such a problem. >> lrepublicans are angry the president laid out this plan that they say he knew would just inflame them. >> that's true. >> why toedon't republicans act like big boys and girls...
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rule out sensible spending cuts that must be part of any significant agreement that will reduce our deficit. and mr. bowles himself said there is no serious discussion of spending cuts so far. and unless there is, there is a real danger of going off the fiscal cliff. listen, going off the fiscal cliff will hurt our economy and will cost american jobs. republicans have taken action to avert the fiscal cliff by passing legislation to stop all the tax hikes. to replace the sequester, and pave way for -- pave the way for tax reform and entitlement reform. and we're the only ones with a balanced plan to protect the economy, protect american jobs, and protect the middle class from the fiscal cliff. but without spending cuts and entitlement reforms, it's going to be impossible to address our country's debt crisis. and get our economy going again and to create jobs. so right now, all eyes are on the white house. the country doesn't need a victory lap. it needs leadership. it's time for the president, congressional democrats, to tell the american people what spending cuts they're really willing to m
rule out sensible spending cuts that must be part of any significant agreement that will reduce our deficit. and mr. bowles himself said there is no serious discussion of spending cuts so far. and unless there is, there is a real danger of going off the fiscal cliff. listen, going off the fiscal cliff will hurt our economy and will cost american jobs. republicans have taken action to avert the fiscal cliff by passing legislation to stop all the tax hikes. to replace the sequester, and pave way...
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it is not just deficit hawks who want to get rid of this. former clinton era labor secretary and big time liberal economist robert reich had been saying for years the mortgage interest deduction should end. but he acknowledged the political realities make that hard to do. if you can't get rid of it, maybe the government should limit it. >> it should be limited, i believe. you can't get rid of it politically. it is almost impossible. but also economically, if you simply got rid of it altogether, the housing market would take a big hit. >> that assumes that some people won't buy a house if they don't get the tax break and i'm not sure that's true. that's what you need to know about your money right now. i will see you this weekend, tomorrow, 1:00 p.m. eastern, sunday at 3:00. you'll meet the one single democrat in the current congress who signed the norquist anti-tax pledge. and we'll find out if he's sticking to his guns. from the cnn money newsroom in new york, i'm ali velshi with your money. of any small business credit card! pizza!!!!! [ g
it is not just deficit hawks who want to get rid of this. former clinton era labor secretary and big time liberal economist robert reich had been saying for years the mortgage interest deduction should end. but he acknowledged the political realities make that hard to do. if you can't get rid of it, maybe the government should limit it. >> it should be limited, i believe. you can't get rid of it politically. it is almost impossible. but also economically, if you simply got rid of it...
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and that is, we must ask the wealthy to pay a little more so we can get these deficit eliminated. get our debt paid down and start growing the economy again. that's not unusual or new to any of us. nobody in the country. so i think the president is sticking to what he said throughout the campaign and as i said 3 million more people voted for him than voted for the other guy. >> with that said, on taxes, if there's any chance on your side, is there any chance on your side to come down to the form of a smaller tax hike on incomes above $250,000 or would you consider keeping rate it is same at $250,000 and raising them only on higher incomes, say half a million or $1 million a year? >> i think it's all part of the negotiations. we know where the president is and that is 250,000. but there are a lot of democrats who voiced back before the campaign 500,000, some say even a million. all of that is going to be negotiated. the president wants 250. if mr. boehner wants to come and offer something different, i'm sure he will do that. but the president stands at 250. which is below even wher
and that is, we must ask the wealthy to pay a little more so we can get these deficit eliminated. get our debt paid down and start growing the economy again. that's not unusual or new to any of us. nobody in the country. so i think the president is sticking to what he said throughout the campaign and as i said 3 million more people voted for him than voted for the other guy. >> with that said, on taxes, if there's any chance on your side, is there any chance on your side to come down to...
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as issues like the fiscal cliff, unemployment and the deficit loom. but while there will be several openings in the obama cabinet for the second term, white house press secretary jay carney says romney is unlikely to fill them. >> is governor romney here tomorrow in some kind of cabinet-level position? some kind of audition for that position? >> no. >> reporter: and some think president obama could be aiming a little higher than a cabinet post. >> and after three weeks of dealing with the benghazi scandal, and the fiscal cliff, obama is prepared to offer romney a position in the administration, president of the united states. [ laughter ] he's like, i made a mistake. it's all yours. why, thank you. >> reporter: all jokes aside, this meeting of the political minds could be beneficial for both men. for the president, it is a chance to show he's put a tough campaign behind him. and is taking a bipartisan approach to his second term. and for romney, it's an opportunity to rehabilitate his image, which took a hit shortly after the ballots were counted, tha
as issues like the fiscal cliff, unemployment and the deficit loom. but while there will be several openings in the obama cabinet for the second term, white house press secretary jay carney says romney is unlikely to fill them. >> is governor romney here tomorrow in some kind of cabinet-level position? some kind of audition for that position? >> no. >> reporter: and some think president obama could be aiming a little higher than a cabinet post. >> and after three weeks...
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coburn is known for his hard line on the deficit. he says he would rather bring down the debt by raising tax rates than just closing the loopholes and capping deducti s deductions. here's how he explained it. >> personally, i know we have to raise revenue. i don't really care which way we do it. actually, i would rather see the rates go up than do it the other way because it gives us greater chance to broaden the by as in the future and reform the tax code. >> two republican senators from maine are joining coburn in backing a tax hike on the wealthiest americans, but senator susan collins and olympia snowe say they would like to include some protect as well for small business owners. well, no debt talks scheduled between republicans and the white house, but the president is pushing ahead with the fiscal cliff pr campaign. he is meeting with a middle class family in northern virginia, and the white house says the president is going to talk about his efforts to extend tax cuts for the middle class as part of this debt deal. well, some
coburn is known for his hard line on the deficit. he says he would rather bring down the debt by raising tax rates than just closing the loopholes and capping deducti s deductions. here's how he explained it. >> personally, i know we have to raise revenue. i don't really care which way we do it. actually, i would rather see the rates go up than do it the other way because it gives us greater chance to broaden the by as in the future and reform the tax code. >> two republican...
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that adds to the deficit. somebody who makes more like $40,000 a year their tax savings is more like $91. it's a cherished middle class tax cut. some say it's more of a cherished upper middle class tax cut. the housing industry spending an awful lot of money lobbying to make sure this doesn't change. they say at a time when the housing market is just starting to recover, the last thing you want to do is take away that tax break. you would see home prices drop 15%. i've heard 20%. this is not the right time in a very fragile recovery for housing to start changing the tax advantage of home ownership. this is a fight that you're going to see play out and quite frankly there are people on the coasts and in those high-cost, high housing cost places as well nervously watching to see what happens with the mortgage deduction. mortgage rates still very, very low. can i show you yesterday's mortgage rates? 30-year fixed is 3.32%, deb. >> wow sthrks. >> 15-year fixed, popular refinancing tool, 2.64%. very low mortgage ra
that adds to the deficit. somebody who makes more like $40,000 a year their tax savings is more like $91. it's a cherished middle class tax cut. some say it's more of a cherished upper middle class tax cut. the housing industry spending an awful lot of money lobbying to make sure this doesn't change. they say at a time when the housing market is just starting to recover, the last thing you want to do is take away that tax break. you would see home prices drop 15%. i've heard 20%. this is not...
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clearly our real dwogoal here io come up with a plan that moves us to the budget deficit and to reduce the debt. we need to deal on the revenue side, many vehicles there, to use, and we also need to deal with the expense side. i think it is crafting a solution on both of those that is going to allow us to find a solution. >> all on the table and hopefully they will work and sort of meet in the middle and find that compromise. let's -- >> actually, this is the enabler for economic development in the united states. this is absolutely important we do this. >> i want to ask you about that, in just a moment. let's talk cars. i know you are relaunching the lincoln -- >> please. >> yes, we will. the lincoln brand, making it part of the lincoln motor company, buying a super bowl ad, putting lincoln in the commercials. when you look at this new car, i have to be honest, this is not my grandfather's lincoln. >> there you go. >> this is a new lincoln. was that the point? >> absolutely. and it is just -- it is absolutely the main point because, you know, the lincoln motor company has been associat
clearly our real dwogoal here io come up with a plan that moves us to the budget deficit and to reduce the debt. we need to deal on the revenue side, many vehicles there, to use, and we also need to deal with the expense side. i think it is crafting a solution on both of those that is going to allow us to find a solution. >> all on the table and hopefully they will work and sort of meet in the middle and find that compromise. let's -- >> actually, this is the enabler for economic...